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May 5, 2013 8:00pm EDT
partisan positions, and republicans took everlasting credit for it, the deficit widened, and it became almost impossible to reassemble a coalition to undo the damage that had been done or the harm that might have occurred, and we did, you know, have several tax increases to close some of the gaps, but what i learned is when mistakes are made in this big macedonian government we have with the divided powers and checks and balances, it is very dangerous. aat is why the lesson is so propos today, because we have a massive keynesian state, as i call it, dedicated to stimulating and boosting and propping the economy. as a result of that, we have a $1 trillion deficit, both sides are dug in, everybody knows this cannot last. it is dangerous rolling down the road, and yet, the system has a serious inability to make compromises, to find packages that you can assemble a governing majority, so it was 1981limited scope issue in to 1985 when i was there, but at large, the lesson from that time is what the clear and present danger is today. our fiscal process is paralyzed, dysfunctional, broken, an
May 5, 2013 12:00pm PDT
are facing a deficit and kate will tell us why that deficit is there, but we begin by saying that we have got $123 million budget deficit for next fiscal year, but the second year is a little larger, about $256 million budget deficit and put it in context. as past parents of this great city, we used to have hundreds and hundreds of more deficits that have to deal with when the economy was bad. now it's recovering. and i have to thank the public, the business groups, the non-profits and everybody that has been sacrificing to help us balance this budget. because it's their sacrifices that got us through these very hard years. so it sounds like 123 and 256 are not great numbers. they are still serious deficits, but i think we have a spirit, where the parents, the legislative body and the executive branch are working closely together to make that gap closer. we have that, and i want to say, the principles that are guiding me in setting this budget, i want a sound economic budget. i want the residents and visitors in this city to feel that they have a safe city to invest in and i want a city that
May 7, 2013 9:30pm PDT
we don't have a deficit. we still have a deficit in the budget. this year coming $123 million, and the second year in the budget covering 2014/15 has $256 million deficit. we are not out of woods. but these numbers are better than $500 million and $700 million budget deficits that we used to have a few years ago. our city is doing better. we are concerned about how to fulfill that deficit. but we are also concerned about what is happening to seniors, what is happening to youth. what is happening to families. our open space. our small businesses. our environment. we are all concerned about that as well. of course i must say about our housing authority as well. so we are taking on a lot of responsibility and because we are and because we are very busy doing the work we are. sometimes we need your input to steer us in the right direction for what things you think are important. so we are open to that. and we want to hear from you tonight. enough speeches. let's get on with it. may i have a couple words from supervisor avalos and farrell. >> thank you. thank you mayor lee, and yes
May 10, 2013 7:30pm PDT
. all of us, when we start off the budget, we start with the deficit, down a few points, down a few home runs, but then we get even, and pretty soon we will hit a homerun with all of you; we will see three pointers, and some game changers. one of the big three points and big home run since when we say we are going to make 6000 kids in our city get paid intern summer job; that sets the success of the city. thank you very much for coming out. we are going to work on everything from health to anti-violence with you and make sure we have a really healthy and successful city. thank you very much. >> moderator: please return the translation equipment. -- >> good morning, everyone. thank you so much for coming out to washington heights and the richmond district for this first of a series of budget town halls for our cities. isn't this wonderful to have the city department heads, the mayor, supervisors tackv and farrell with us this morning as well? i wanted to say that my role is to facilitate this to make sure that we're going to stick to time and that we can have you out of here in a
May 11, 2013 5:00am PDT
in our lifetimes our jobs market, our housing market, are steadily healing. our deficits are falling at the fastest rate in decade. the american auto industry has made a come back it's thriving. american energy is booming. but we've got to keep on moving forward. we got to make sure that washington is not administering self-inflicted wounds when we're making progress. >>> but self-inflicted wound may be the best way to clarify the nearly $4 trillion in deficit reduction that republicans and even obama himself have implemented in the last two years. basic economic theory not to mention the painful real world experience of our current lackluster recovery tells us austerity is suppressing demand and need alsly restraining growth. that opinion has been ignored until now. on wednesday "new york times" the country's paper of record surveyed nonpartisan economic analysts and financial advisors. their unanimous consensus america's reduction policies are harming the recovery. private sector has been steadily gaining jobs since early 2010. unemployment rate stands at 7.5%. that number could be
May 9, 2013 4:00am PDT
dwindling deficit. how the government is chipping away at its debt. it was the scandal that rocked wall street. how enron's former leader could soon walk free. plus, why one film studio could be setting up for a rocky summer. first business starts now! you're watching first business: financial news, analysis, and today's investment ideas. good morning. it's thursday, may 9th. i'm angela miles. in today's first look: is the sky the limit? once again, the dow and s&p 500 soared to record highs. this is the 5th consecutive record close for the s&p. nasdaq put on another 16 points, while gold ran up $24 and oil rallied 94 cents. in earnings after hours, groupon topped targets, while tesla turned its first profit. shares zoomed 25% higher after the close. and brewing up a deal: starbucks and green mountain tell cnbc the competitors are making it possible for customers to use some starbucks single- serve packs in green mountain's keuring brewers. will it be another record day for the market? todd horwitz of average joe options joins us. good morning to you, todd, and what do you think will be
May 6, 2013 10:00pm PDT
pipe hive and so we begin here with this graph the federal budget surplot plus or deficit. obviously it's been some time since we have run anything like a significant budget surplus we went into the recession carrying a farrell substantial deficit and obviously that really ballooned and got much much worse and what we are facing now are really the biggest bulletin deficits that the united states economy has faced since the second world war we are moving in the right direction it's getling smogger and it's still a farrell daunting challenge and this is what was westbound bend the whole fiscal cliff last year and we ended up with an 11th hour deal to avoid the worst of the fiscal live kcliff and i'm not going to read all of the stuff on this slide but basically what we got was tax increases that effect the working poor primarily and the very affluent and not really not much of an impact on the middle class and you can may be have your own political opinions about that but the spending cuts didn't really take much effect at all. the spending cuts are now poised to go into effect march 1
May 8, 2013 1:00am EDT
investments, are how we're going to manage our debt and deficit. it defines not only today, but tomorrow. we can't do that with two people in the room. we need people from both sides coming together to compromise. that is what legislation is all about. >> even folks in this room may be confused about all the budgets out. you have a budget, republicans have a budget and the president has a budget. what are the common grounds between all three? you probably have studied all three, what is the common ground where we can begin the negotiating process? >> that is a really good question. i think, obviously, the house budget and the senate budget and the president's budget are fairly far apart. i think the common thread is we all recognize that the debt and deficit is impacting our country's ability to make sure our economy is on track, that we have -- we know where we're going to go, businesses have certainty, and we need to find a path forward. i think the important part is we are looking for is a balance in solving this issue and making sure that everybody in america participates in helping to s
May 7, 2013 12:00am PDT
because they decided that cutting their budget deficits was more important than creating jobs. when you have a lot of unemployment, that is the worst time to cut your budget deficit, because the government has got to be the spender of last resort. this is something we understood and learned during the 1930's, 1940's. got ther ii actually economy going. i don't want to suggest that we need another war, but that mobilization, that government spending on such a grand scale got us out of the depression and finally into prosperity. ourbudget deficit, in fact budget debt at the end of world war ii was much greater than it is now. but instead of hunkering down and cutting the budget, what we did in the 1950's was invest in our work force, invest in college education, invest in retraining. we created the interstate highway system and invested in the infrastructure. we built the middle class and helped poor people get into the middle class. it is what we are not doing now. tavis: i am frustrated consistently by this pseudo debate in washington. words make a difference and words have meaning, and
May 10, 2013 9:00am PDT
trillion deficits are over. in fact, the deficit is falling fast." it also means the government will only hit the debt limit this fall rather than later this month but the gop, they're already gearing up for that fight. yesterday republican house members passed a bill to allow the government to borrow money to pay off foreign lenders and social security recipients, the pay china first bill the president vowed to veto it. as the economy picks up steam it could be throwing a wrench in the republican plans to focus the debate on deficit reduction. john boehner yesterday struck a more conciliatory tone. >> we know we can't cut our way to prosperity. we need real economic growth and that's why you continue to hear a lot of discussion about tax reform, regulatory reform, that would help us produce more economic growth here in our country. we do both, we can begin to solve this problem. >> joining me today, political editor and white house correspondent at "the huffington post," msnbc contributor sam stein, national political water at "the washington post" mika henderson, ben smith and joining u
May 8, 2013 9:00am EDT
're going to be and who we are, what our investments are, how we are going to miniature debt and deficit. it defined not just today but tomorrow. we can't do that with two people in the room. we need to have people from both sides coming together to compromise. that's what legislation is all about. >> even folks in this room might be confused by all the various budgets. you guys have a budget, the house republicans have a budget and the president has a budget. what's the common ground between all three right now? you have probably studied all of these as well as anybody. what's the common ground where we could begin the negotiating process? >> that's a really good question, and i think obviously the house, senate and the president's budget which is similar to ours are fairly far apart. i think the common thread is that we all recognize that the debt and deficit is impacting our country's ability to really make sure that our economy is on track, that we know what we're going to go, that businesses have certainty and that we need to find a path forward. i think the important part that we a
May 10, 2013 5:30pm PDT
've gone over ideas for finding a balance between growth and deficit reduction. u.s. representatives called for more spending to stimulate growth. industrialized nations are still dealing with a weak recovery. officials from germany stressed the importance of fiscal reconstruction. they support spending cuts and other austerity measures. bank of japan governor explained the boj's policy of putting more money in circulation. he says it's aimed at pulling japan's economy out of deplace and not weakening the yen. >> translator: we are coming to acknowledge that each country does various things for the sake of its own economy. >> g-7 leaders have been watching the yen lose strength against the dollar and are checking to make sure japan is following the rules. >>> u.s. secretary jack lu gave his thoughts. he said he will keep an eye on whether they stick to g-7 and g-20 agreements. >>> german finance minister also weighed in on exchange rates. he said the leaders of all g-20 nations must observe their akweemt not to manipulate rates for competitive advantage. >>> japanese leaders are looking to
May 5, 2013 10:00am PDT
on the bombing in america. what is the easiest way to drive the u.s. deficit down and create jobs? what's a quick and perhaps easy way to drive the u.s. deficit down and create jobs? i will give you a hint. we need to turn illegal in to legal. i'll explain. but first here's my take. those urging america to intervene in syria are sure of one thing. if we had gotten in sooner, things would be better in that war-torn country. had the obama administration gotten involved earlier, there would be less instability and fewer killings. we would not be seen in john mccain's words this week -- >> atrocities on a scale we have not seen in a long, long time. >> in fact, we have seen atrocities much worse than those in syria recently. in iraq, only a few years ago, from 2003 to 2012, despite there being as many as 180,000 american and allied troops in iraq, somewhere between 150,000 and 300,000 iraqi civilians died and about 1.5 million fled the country. jihadi groups flourished throughout iraq and al qaeda had a huge presence there. the u.s. was about as actively engaged in iraq as possible. and yet more terr
May 4, 2013 6:00am EDT
agree the numbers should go up. it raised $600 billion and cut our deficit by another 600 billion dollars. folks, look. if you're coning cut on the middle class, why do they do it? it is hard to believe this but these guys are proposing. in order to provide for these massive tax cuts, that is the only way they can do it. other than ballooning the deficit even more than they already have. that is why they talk about it the way they do. that is why they call for these cuts to the middle class. by the way, they talk a lot about deficits. let me take what gemini congress have done. we have reduced the deficit already by $2.5 trillion. the proposal is to gain another $1.5 trillion. the difference is we do it fair. that will get us to the magic number. every economist to talk to will tell you if you get that to gdp below three percent, that is when things take off. that is exactly what the president's raposo will do. it will get it down to 2.1%. thedo not have to break back of the middle class to have this country grow. the only way you can make it grow is to give it a chance. like you,
May 8, 2013 12:00pm EDT
debt and deficit. 17 -- nearly $17 trillion in debt, a debt that goes up over $4 billion every night when we go to sleep. this problem is structural in nature. it -- time alone will not solve this issue. for the last four years in my time in the senate, there's been no issue on which i've spent more time, spent more effort trying to reach out. i understand that many of my colleagues actually try to avoid me in the hallways now because they fear they're going to get a mark warner harangue on the debt and deficit. i also know that the only way we're going to get this issue resolved is if both sides are willing to meet each other in the middle. this is a problem that cannot be solved by continuing to cut back on discretionary spending. it will require, yes, more revenues and it will require entitlement reform. those are issues where unfortunately in many ways our parties have not found agreement. we all have agreed as well at least that while we don't have to solve this whole problem overnight, we do need at least $4 trillion in debt reduction over the next 10 years. the good thing is,
May 6, 2013 7:00pm EDT
years, which means we won't have to import and we actually will be selling stuff, our trade deficit will evaporate. >> a little less than half of our trade deficit comes from energy alone. you won't talk about the knockdown effects in terms of national security and all the rest of it. so this is a big deal. there is no two ways about it. the president, i'm so glad he's moving in this way, to add this to immigration, there is a chance the u.s. could grow out of its fiscal problems, more than any other country in the g-7. >> let me connect the dot, exporting liquid natural gas, not importing oil any more. okay. trade deficit going down, dollar going up. america becomes the place to incest. it's the place to invest. >> you are already seeing this, i think what's being reflected in the stockmarket right now. people are assuming that it's just easy money on the part of the fed that's driving the stockmarket higher. there is no question, that's a big part of it. but i do think the president's comments over the weekend also could be an important part of the story, ewhat is being reflective
May 9, 2013 12:00pm PDT
with the need for deficit reduction. and of course, deficit reduction in the immediate term is exactly the opposite of what you want to spark economic growth. there's some new studies coming out from moody's saying if we hadn't taken these austerity measures, we would be in a much better place at the end of the year. unemployment would be roughly 6.1%. gdp growth would be 1.2 percentage points higher of we have deficits shrinking at a very rapid pace. do you think republicans are losing control a little bit of the narrative that we have to have deficit reduction right now? >> they might be losing that a little bit. it is one thing to say that and it is another to say there will be a grand budget deal let alone tax reform deal coming out of washington. i think that's highly unlikely. i think the fact that the urgency is a little bit off. the deficit issue can cut both ways. >> it might increase the torpor. i've covered the hill on the presidency, i've never seen the static quality that we have about washington today. the president is out there in washington trying to do something about
May 6, 2013 5:00pm EDT
and the deficit with any tax revenues that come in, whereas, other programs would, i guess, fall by the wayside. and that is the primary problems the democrats have with it. they called this thing called the pay china first act or pay some of our bills act. it would allow the debt and interest on that to be paid so we wouldn't technically default but other programs, social programs, things like that would not be paid. >> how are the fiscal talks between the house leadership and president obama going? >> you know, i'm not sure there is too much communication right now. everyone is in a wait and see mode. this is the first volley and messaging i think from the house republican. it's very unlikely senate democrats would take this bill up but it's possible that we'll go right up to the edge of the debt limit like we have done so often these last two years, but everyone is kind of waiting to see exactly how this will all progress. >> daniel newhauser writes for "c.q. roll call." we thank you for your time. >> thank you. >> the c-span networks will cover a number of congressional hearings this week o
May 9, 2013 10:00am EDT
other to find the common ground we need to reach a long-term deficit reduction agreement. but defaulting on some of our obligations will mean putting great doubt on the rest of the investors in the united states in regards to who will be next. that's what this legislation is promising. a default with some. a payment of china and others at the expense of the u.s. economy. i encourage my colleagues to vote no on this ill-conceived legislation. i yield back. the speaker pro tempore: the gentleman's time has expired. the chair will receive a message. the messenger: madam speaker, a message from the senate. the secretary: madam speaker, i have been directed by the senate to inform the house that the snass has passed s. 622, cited as the animal drug and animal generic drug user fee re-authorization act of 2013 which the concurrence of the house is requested. the speaker pro tempore: gentleman from michigan, mr. camp, is recognized. mr. camp: i reserve. the speaker pro tempore: the gentleman reserves. gentleman from michigan, mr. levin, is recognized. mr. levin: i yield a minute and a half to a
May 3, 2013 6:30pm PDT
, and paris will seriously overstep the eurozone's budget deficit ceiling. >> in france, the recovery is expected to be delayed, which evidently has repercussions on public finance. the french forecast is in our view overly optimistic. a significant effort would be required. >> brussels is to grant paris two extra years to cut its deficit to under 3%. >> let's bring in our correspondent from brussels. from your perch, how does all this look? is europe finally hitting the bottom of this crisis? we have reports that france and the netherlands are both faltering as well. >> no, i think the crisis is nowhere near the end. what these figures do -- they polarized the debate, sharpen the debate between those on one side led by german chancellor angela merkel, who say austerity is the way forward, and those who say we are being squeezed too tight. people will look at these figures and say this is evidence that the commission is applying the squeeze too tightly. we need more room for growth. he said we must do whatever we can to boost employment and to unlock growth. he did not suggest for a m
May 7, 2013 6:30pm PDT
of positive deficit reduction. >> he made the comments while attending a forum here in berlin. the germans find -- with the german finance minister. he said the french government remains committed to reducing its budget deficit but warned that the focus on austerity in the eurozone is preventing economic recovery. germany's ongoing strength amid the eurozone economic crisis has made the country a magnet for citizens elsewhere in the eu and driven immigration to a 17-year high. >> last year, more than 1 million people moved to europe's biggest economy looking for new jobs and opportunities. most of those immigrants came from poland, romania, and bulgaria, but the numbers coming from greece, italy, spain and portugal jumped by 40%. in berlin, controversy has erupted over a german-islam conference. >> the meeting aims to promote intercultural dialogue and promote the integration of muslims, but islamic group and opposition politicians say by putting the main focus on security and the threat of islamist terrorism, the conference is having the opposite effect. >> delegates at the islamic confer
May 10, 2013 6:30pm PDT
.s. advocate government intervention to boost growth. germany says deficit reduction must be the top priority. >> on to the markets, and european shares posted modest gains to cap off a record weekend, going into the begin just shy of five-year highs. our correspondents and a summary of the friday session on the frankfurt stock exchange. >> in early trading, the german stock index dax climbed above 8300 points for the first time ever, but in trading lost steam. investors wanted to take some of the week's profits with them into the weekend. a topic of speculation discussion on the trading floor was the meeting of finance ministers of the g-7 states near london. people do not expect announcements from this meeting, but in general, investors keep betting on generous monetary policy. this week alone, countries like australia, poland, and south korea lowered their interest rates. more countries are expected to follow. >> we say in frankfurt for a closer look of friday's closing numbers. the dax finished up by about 0.2%, the bureau stoxx 50 doing even better. cross the atlantic on wall street, the
May 11, 2013 12:30pm PDT
. >> let me talk about the trade deals. the united states has run $10 trillion in trade deficits. we run deficits with japan, canada. we lost one-third of all our manufacturing jobs. >> did you hear him correct you just a minute ago? >> we have 55,000 factories. >> did you hear him correct you? >> i'm not all that against this. >> you said you're forsaken for the last three years. >> it's in the head lines now, they finally caught up. >> they're sinking us. it's in their interest. >> president obama has spent most of his political capitol on gun control. should he refocus on this monument free trade agreement? >> he doesn't have to. >> yes or no? >> he gets other people to do it. >> he could propel him with a terrific intellectual background. >> i agree. i think obama has to have an economic -- >> it doesn't sound like it. >> it's a trade deal. >> you're suspicious of everything. issue agreed. >> i think it's the saddest phone call i've ever had in my life. he told me pastor stevens passed away. >> gregory hicks is a state department veteran of 22 years. he testified to chairman darryl's
May 8, 2013 7:30am PDT
deficit of 70 million dollars and we know there's a structural deficit of 5 hundred million it just so happens that the tunnelling between washington and north beach will cost about 70 million dollars and if you eliminate that and stop the line where it was originally intended which is chinatown and stockton street you will be able to save the agency 70 million dollars and give all the residents of north beach a second chance on how they want transit to be brought into their neighborhood thank you very much. >> thank you, sir. >> next speaker please? >> good afternoon. >> hi my name is -- thank you for -- when i talk with the families in the community they are happy about this program. i'm often been working in the community in bay view i hear these stories about people having a really hard time trying to go home or trying to go to doctor appointment or any other activities they have to and after the day i was here and heard the stories in the community it happened to me. i finished with my thing and i had to go back home and i had to pickup my kids and i saw the sign in the train sa
May 5, 2013 7:30pm EDT
of the deficit that the federal government has, you know, needs to be met by, you know, investors, regular investors and institutional investors, and you'd be buying that debt. they'd be buying that debt instead of equities and that will keep equities from continuing to climb forward. >> ken and michelle, thanks very much. we'll see you soon. >>> up next, britain's former prime minister, tony blair, on central banks, syria and global growth. >> if you simply offer people austerity, one side and no reform on the other, you're going to have a big problem. >>> and later, what market forces in metals mean for your jewelry box. the ceo of blue nile, online's largest jeweler, will join me. >>> as we take a break, take a look at how the stock market ended the week. back in a moment. no matter what, people can count on me to get the job done. so, when my prostate cancer returned, my doctor told me that this time can be different with provenge, a personalized treatment that lets me count on my own body to fight back. provenge is clinically proven to help extend life in certain men with advanced pro
May 4, 2013 12:30pm PDT
with this budget deficit problem for some time if there is a good side to that, if you can continue to grow an economy, even with a budget deficit, what you are looking at here is gdp but not the way that you are used to looking at it more often than that phot what we talk about d g t we focused on the economy quarter growth range and whether it grew during the quarter this teems you in terms of a absolutely level base basis and reason i'm showing it this way is because for all four quarters of last year the overall economy was better than the it was before the prerecession high water mark and we have turn the quarter into a new expansion and if it didn't feel that way it that is to do with this the none farm payroll and each bar here represents a single month's change in the total number of people who have a job and you add up all of knows jobs that was loss during the recession it's 8.8 million people and we have only created five and-a-half million total job and that leaves us with a deficit of three or so million jobs and we are cranking out more in terms of goods and services but we ar
May 8, 2013 12:00pm PDT
is the most eminent issue, and we do have a structural budget deficit in the city, so we need to deal, of course, with the short-term balancing our budget in a way that does not decimate city services that people rely on, but also to address our long- term structural budget deficit, and that means implementing some budget reforms. smooth out our budget process so it is not a boom/bust kind of budget. reforming our pension system and retiree health care system so that they are stable. we do a decent job providing low-income housing. we do a terrible job providing housing for low or middle class and middle-class people, people who are working and paying taxes that we need to have here for a functioning economy, so i am looking for ways to try to fund that, particularly for essential employees like teachers, nurses, first responders. projects coming up in the city like the renovation of dolores park, which is a once in 50 years opportunity to define what the park is and what changes we want to make to it. that will be a very significant projects. [inaudible] when was the last time it rai
May 9, 2013 2:00pm EDT
. the good news is that all those tax dollars, they're shrinking the deficits. the federal budget deficit, expected to be more than $800 billion, but now it could fall below $700 billion. the bad news is that all this income that the rich moved into 2012 may not be repeated in 2013. you could read more on >> all i'm going to say is thank goodness for all those millionaires and billionaires the, right? >> that's right. they're helping the deficit. >> well, everybody sold, like you said, all the dividends got hiked. that's probably while apple partly is down. >> the question with all these great stock markets, all the wealth being created and all the incomes being generated at the top, the question is we might see that repeated somewhat in 2013. >> thank you very much, robert frank. coming up next, cider house rules. [ male announcer ] you are a business pro. omnipotent of opportunity. you know how to mix business... with business. and from national. because only national lets you choose any car in the aisle. and go. you can even take a full-size or above. and still pay
May 10, 2013 7:00pm EDT
, it will be not until at least after labor day. >> all right. call it the deficit game changer, thanks, in part, to odama's tax hikes, which i think are going to slow the economy. i don't like that one bit. fortunately the gop's sequester cut also has held this down. the federal deficit is falling faster than anybody expected. meaning as secretary jack lew said, the debt limit won't be reached until september. by forecast, it will be later than get get this, uncle sam's budget gap is $231 less than a year ago. how will this amount ter debate in washington? we are back. the good news is the deficit is doming down coming down. my opinion is a lot is from tax hikes. one time. i do like the spending cuts. here's what i'm asking. will this take away the incentive and the intensity of making a deal on entitlements and tax reform because they're not going to have a debt limit to worry about for quite a while? >> i don't think so. i don't think this conversation has ever only been about the debt. i think the republicans politically needed to come in and play hardball. having watched flight delays and c
May 10, 2013 4:00am EDT
also have -- i did have the latest trade deficit. uk trade goods narrowed as forecast in march. so that's fairly good news. the goods balance 9.056 billion narrowing from 9.16. pretty much what the forecast was. shouldn't have the biggest impact on cable right now. dollar is stronger across the board. the real focus has been on yen weakness. it's worth pointing out been to 102.30 -- sorry, 101.30. we're currently at 101.33. that's pretty much the session the highest we've been on dollar/yen since october 2008. we see gains for euro dlaish yen up to three-year highs as well. that's a significant break. we've been waiting for a long time to get through 100 and we now are through it. as far as bond markets are concerned, you see treasury yields a little higher. 1.86%. the yield in italy, 3.89%. we have a t-bill auction coming up, which we will recap. european stocks right now are firmer. up 0.50% for the ftse, ftse may have been helped by generali. dollar/yen trading at highest levels since october 2008. japanese currency down on four-year lows after crossing that 100 level. with more on t
FOX Business
May 9, 2013 11:00am EDT
, first of all, yourself right, the deficit comes down faster than people thought because of the higher revenues. there are more people working, tax rates did go up a bit at the beginning of the year, but spending is also come down a little bit as well, and so put those two things together, and, plus, an interesting factor, some of the bailouts paid back, and fannie announced they are giving the federal government back $59 million because they are making money again in the housing market. all those things together bring the deficit down a little bit. that eases the pressure for a big budget deal, big budget deficit deal, not necessarily a good thing. i think that given the fact that one of the factors in bringing the deficit down is restraint on spending, an argument to stick with the sequester level spending cut. dennis: sequester is not all that devastating at all given the good jobs numbers. do you think there's any link between them, jerry? do you think all the talk in washington about we need to cut spending, cut deficit hurts the confidence to hire new jobs? >> well, there is -- t
FOX Business
May 9, 2013 7:00pm EDT
to a net fiscal deficit of over $6 trillion. joining us, the author of a bar owner study, robert rector, senior research fellow at the heritage foundation. and it is deja vu all over again, robert. this is -- we look back to 2007, kennedy and mccain and the heritage foundation now with a steady. as i recall what was that number? about two and half trillion dollars. >> right. the analysis that i did in 2007 was basically only on the retirement costs. now i am doing both pre retirement and post-retirement. you know what has happened? government is 40% bigger. it is unbelievable. and that is why this bill is going to just cost an absolute fortune. lou: kennedy was rollback. 40 percent bigger and just about six years. it is incredible. there is something else going on this time that is fascinating to me. that is, as you put for the study, cato, the americans for tax reform, i'm talking about strong, vibrant voices of conservatism in the country, cato, grover norquist and americans for tax reform, the club for growth, you go through it. the american action forum, dug holes eagan's outfit. th
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